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OP

OceanPal Inc.

OP

OceanPal Inc. • NASDAQ
$1.38 ▲ 7.81% (+0.10)
Market Cap $7.58 M
52w High $79.25
52w Low $1.07
Dividend Yield 0%
P/E -0.02
Volume 135.90K
Outstanding Shares 5.50M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $3.079M $5.225M $-5.219M -169.531% $-19.82 $-1.996M
Q1-2025 $3.079M ▼ $5.225M ▼ $-5.219M ▲ -169.531% ▼ $-19.82 ▼ $-1.996M ▲
Q4-2024 $5.781M ▼ $6.721M ▲ $-8.189M ▼ -141.654% ▼ $-1.17 ▼ $-5.968M ▼
Q3-2024 $7.497M ▲ $1.867M ▼ $-162K ▲ -2.161% ▲ $-0.083 ▲ $1.48M ▲
Q2-2024 $6.737M $9.815M $-8.205M -121.79% $-1.16 $-6.644M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $25.765M $78.171M $4.104M $74.067M
Q1-2025 $25.765M ▲ $78.171M ▼ $4.104M ▼ $74.067M ▼
Q4-2024 $7.16M ▲ $89.462M ▼ $5.092M ▼ $84.37M ▼
Q3-2024 $4.251M ▼ $106.923M ▲ $14.97M ▲ $91.953M ▲
Q2-2024 $10.801M $86.441M $2.742M $83.699M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-5.219M $-535.5K $10.495M $-656.5K $0 $-535.5K
Q1-2025 $-5.219M ▼ $-535.5K ▲ $10.495M ▲ $-656.5K ▼ $0 ▼ $-535.5K ▲
Q4-2024 $0 $-2.04M ▼ $5.61M ▲ $-443.216K ▼ $2.909M ▲ $-21.01M ▼
Q3-2024 $0 ▲ $1.845M ▲ $-8.09M ▼ $-432.061K ▼ $-6.55M ▼ $1.873M ▲
Q2-2024 $-8.205M $-4.219M $0 $-391K $-4.61M $-4.219M

Five-Year Company Overview

Income Statement

Income Statement OceanPal’s recent income statement shows a very small business that has struggled to turn its revenues into sustainable profits. Shipping revenues are modest and have not grown meaningfully, while operating results have slipped from roughly break‑even to losses in the most recent year. Profitability has been volatile, and reported earnings per share have swung sharply, influenced not only by business performance but also by multiple large reverse stock splits. Overall, the legacy shipping operation does not currently look like a strong earnings engine and is not yet offset by mature profits from the new AI initiative, which is still being built out.

Balance Sheet

Balance Sheet The balance sheet is light, reflecting a small company with a limited asset base, but it has the important advantage of carrying no financial debt. Most funding comes from shareholder equity and past capital raises rather than borrowing. Cash on hand is present but not abundant, so the company does not appear deeply distressed, yet it also does not have a large financial cushion to support many years of heavy investment without improvement in cash generation or new funding. The absence of leverage reduces financial risk, but the overall scale of resources is modest relative to the ambitious technology pivot the company is pursuing.

Cash Flow

Cash Flow Cash flow from the underlying business has been essentially flat and not clearly positive, suggesting that the shipping operations are not consistently throwing off surplus cash. Recent free cash flow has turned slightly negative, mainly due to investment spending rather than large ongoing losses. This points to a company that is using external capital to fund growth and transformation rather than relying on strong internal cash generation. Going forward, the sustainability of the strategy will depend heavily on management’s ability to convert the new AI platform and any remaining shipping activity into steady operating cash flows or to continue accessing capital markets on reasonable terms.

Competitive Edge

Competitive Edge In shipping, OceanPal remains a very small player with a handful of vessels in a highly competitive, commodity‑like market. Its claims of a quality fleet and experienced management are positive, but they are not unique, and limited scale means less bargaining power and higher sensitivity to freight rate cycles. The company’s real strategic swing is SovereignAI, where it hopes to carve out a niche in decentralized, privacy‑focused AI infrastructure in partnership with the NEAR Foundation. Here, it is trying to be an early mover as a publicly listed vehicle tied to the NEAR ecosystem. However, this market is crowded with well‑funded technology firms, and the moat is still theoretical: success will depend on whether the platform can attract real developers, users, and long‑term ecosystem engagement, not just investor interest.

Innovation and R&D

Innovation and R&D On the traditional side, innovation is mostly about operating efficiency and maintaining a decent-quality fleet, which is helpful but not a clear long‑term differentiator in shipping. The major innovation story is SovereignAI: a planned confidential AI cloud and decentralized AI infrastructure built on NEAR and using leading hardware technologies. This is conceptually forward‑looking, tapping into themes like data sovereignty, privacy, and decentralized control of AI. Effectively, OceanPal is behaving more like an early‑stage tech platform investor and builder, with a significant treasury exposure to NEAR and a roadmap of AI‑focused products. The opportunity is large, but execution risk is equally large: the company must turn a bold concept into functioning, secure, and adopted products in a very fast‑moving sector.

Summary

OceanPal today is a company in transition: a small, challenged shipping business being used as the launchpad for a much more ambitious pivot into decentralized AI via SovereignAI. The legacy financials show limited scale, thin and inconsistent profitability, and a history of share price pressure reflected in multiple large reverse stock splits. The balance sheet is simple and unlevered but not deep, so there is not unlimited room for missteps. The upside case rests almost entirely on successful execution of the AI and blockchain strategy, building a real user and developer base, and turning that into recurring cash flows. The downside risks include continued weak performance in shipping, heavy reliance on external capital and token values, and the possibility that the AI platform fails to stand out in a crowded market. Overall, the profile is that of a high‑uncertainty, early‑stage transformation rather than a mature, steady industrial shipping company.

NEWS

November 17, 2025 · 8:00 AM UTC

OceanPal Announces SovereignAI's Total Treasury Holdings Exceed $133 Million of NEAR;Ticker Symbol Change to SVRN

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November 14, 2025 · 7:16 PM UTC

OceanPal Inc. Announces NASDAQ Ticker Change from "OP" to "SVRN"

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October 28, 2025 · 9:10 AM UTC

OceanPal in Partnership with NEAR Foundation Announces $120M PIPE Investment to Launch SovereignAI to Buildout Near-Powered AI Infrastructure

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